PM — Where the government wants to develop our manufacturing chops

TL;DR

Fawry to delay US listing indefinitely over unfavorable environment for tech stocks + Saudi’s Savola Group nears Egyptian Belgian Company acquisition + Ibnsina Pharma acquires El Shorouk Hospital. (The Big Stories Today)
As Egypt moves forward with its import substitution strategy, what sectors are in focus to shift to local manufacturing? (Inside Industry)
With the ongoing Davos meeting billed as “the most consequential” since it began, here are five things to look out for. (For Your Commute)
Murderville is a hilarious new mini-series that sees actors enter a fictional murder scene without a script. (On The Tube Tonight)
Man City or Liverpool will be crowned tonight in the English Premier League. (Sports)
Visit TAM Gallery’s Summer Affordable Art Show or attend The Lion King musical by Fabrica. (Out And About)
Red Sea dolphins may have nighttime skin care routines that rival your own. (For Your Commute)

???? WHAT WE’RE TRACKING TONIGHT

Good afternoon, ladies and gentlemen, and welcome to an already-busy start to the workweek. The news cycle is hitting the ground running today, with a handful of happenings in capital markets.

THE BIG STORIES TODAY

#1- EGX-listed e-payments giant Fawry’s board of directors has decided to delay its US listing due to the current unfavorable environment for US tech stocks, a source from Fawry told Enterprise, adding that this was decided during Fawry’s earnings call last week. The company had been exploring an SEC-registered secondary offering, with plans to create an American depositary shares program (ADS) to allow it to list. The source did not disclose where Fawry currently stands in its preparation process for the IPO.

#2- Saudi Arabian food conglomerate Savola Group is close to acquiring the Egyptian Belgian Company — famous for its Ole-branded baked goods — in a transaction valued near EGP 600 mn, a source familiar with the matter told Enterprise, confirming a report from Hapi Journal. Hapi Journal reported that the acquisition would see the company acquire the manufacturer’s assets and brand name. The sources did not disclose the exact timeline for the acquisition.

#3- Ibnsina Pharma is getting in on the hospital business with the acquisition of brownfield El Shorouk Hospital in Shorouk city in a EGP 430 mn transaction, the company announced in a press release (pdf). The 105-bed hospital includes operating rooms, ICU beds, specialty clinics, as well as several other units.

THE BIG STORY ABROAD

Ukraine isn’t accepting a ceasefire agreement with Russia just yet: The war “will be bloody, there will be fighting but will only definitively end through diplomacy,” Ukrainian President Volodymyr Zelensky told local media (watch, runtime: 00:3 4). Kyiv is not willing to shake hands on any agreement that would have it surrender its territory, Ukraine’s lead negotiator tells Reuters. This comes as Russia continues to attack the southeastern city of Donbas, attacking civilians in efforts to capture the remaining Ukrainian-held territory in the city. The story is dominating the front pages of the international press: Reuters | BBC | Euronews | CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

CBE goes for 200-bps rate hike to tamp down inflation: The Central Bank of Egypt (CBE) raised interest rates for the second time since March as it looks to rein-in inflation and attract foreign investors back to the local bond market, enacting a 200 bps rate hike on Thursday.
Tourism revenues to more than double in 2021-2022 -Maait: Egypt’s tourism revenues will more than double in FY 2021-2022 from a year earlier, according to figures announced by Finance Minister Mohamed Maait last week.
Gov’t outlines climate strategy: The Madbouly government launched its new national climate strategy, which feeds into the state’s Vision 2030 sustainable development plan and aims to reduce harmful emissions and prepare the country to withstand the impact of a warming climate.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: With Egypt’s increased focus on growing local manufacturing to limit imports, the government released a study of which sectors and products are priority areas to produce locally. Today, we take a look at the industries of choice on the government’s radar and break down why these sectors were chosen, which products are in the spotlight, and how much the country could potentially save by cutting down on their imports.

FOR TOMORROW-

Registration for this year’s Hajj through tourism companies closes tomorrow (Monday, 23 May) after the Tourism Ministry pushed the deadline from last Friday.

???? CIRCLE YOUR CALENDAR-

We have two all-Egyptian finals tonight at the CIB-sponsored PSA squash championships: World #1 Nouran Gohar faces world #2 Nour El Sherbini for the women’s championship title while the men’s final match will see second seed Ali Farag play world #3 Mohamed El Shorbagy. The finals get underway this evening. The PSA has a good scene-setter here.

What’s at stake: The championship, which has been taking place at SODIC’s Club S Allegria and at the National Museum of Egyptian Civilization, has a record USD 550k in total player compensation for each of the women’s and men’s titles.

We don’t have long to wait before Egypt’s next squash tournament kicks off: The CIB-sponsored El Gouna International Squash Open 2022 starts this Friday and runs through to 3 June.

Davos 2022 kicked off today: The World Economic Forum (WEF) will kick off its first in-person annual meeting in more than two years today, bringing the world’s captains of industry, policy and media back to the alpine village in Switzerland. Expect plenty of talk about Ukraine (sans the you-know-whos), climate, food security, and the growing uncertainty over the global economy. “History at a turning point” indeed.

On Day #1: The first day of the event will see attendees chew over the global food crisis, the impact on the global economy of sanctions on Russia, and climate tech, as well as the future of globalization, national digital currencies and the effects of social media on societies. It will also see a special address from Ukrainian President Volodymyr Zelensky.

WEF runs through Thursday and you can check out the day-by-day agenda here, if you’re so inclined.

The Islamic Development Bank will hold its 2022 annual meetings in Sharm El Sheikh from 1-4 June under the slogan “post-pandemic recovery: resilience and sustainability,” according to a statement from the Planning Ministry. Several Egyptian ministries and representatives from the bank’s 57 member countries and other financial institutions are set to attend the meetings.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- The mercury will rise to 33°C during the day tomorrow before falling to 18°C at night, our favorite weather app tells us.

***
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???? FOR YOUR COMMUTE

With the ongoing Davos meeting billed as “the most consequential” since it began, here are five things to look out for: The World Economic Forum’s (WEF) Davos summer meetings kicked off today, marking the WEF’s first in-person gathering since January 2020 when the covid-19 pandemic put a stop to face-to-face events. As discussions are largely expected to bring up Russia’s invasion of Ukraine and how to reconstruct the country post-war with an address from Ukrainian President Volodymyr Zelensky, the Financial Times has outlined the other key themes that could emerge in this season’s Davos. These include economic gloom, which would focus on rising interest rates and spiking energy costs, as well as climate change, preparedness for future pandemics, and how to improve global supply chains.

This edition of Davos is also shrouded in a cloud of distrust, as conversations have arisen that question the moral integrity of the gathering and whether they really have the world’s best interests at heart, the FT writes citing forums on sites such as 4chan. Earlier this year, journalist Peter S. Goodman released a book called Davos Man which looks at how the world’s most affluent segments have often increased their wealth by worsening situations and exploiting systems.

Red Sea dolphins may have nighttime skin care routines that rival your own: Dolphins observed off Egypt’s Red Sea coast were found to rub on specific corals and sponges, suggesting that this practice might be a form of self medicating, according to a study picked up by the New York Times. Sponges and corals contain an assortment of chemical compounds and researchers studied pieces of the ones that dolphins liked to rub against to discover if they had healing properties. They found that the sponges and corals had 17 bioactive compounds, including antimicrobials, antioxidants and hormones which can serve as immune boosters or sunscreens. While the findings back up the hypothesis of the research, more testing will still be done to study how dolphins’ skin fares after some coral or sponge skin care.

Apple’s long-rumored AR/VR headset could become a reality within months: Apple’s next big thing has been widely speculated to be a mixed reality headset to compete with the likes of Meta and Google, and it looks like the iPhone maker has made significant progress on the project, Bloomberg reports, citing sources it says have knowledge of the matter. The company’s executives showed a preview of the device to its board last week, which indicates that development of the headset is currently at an advanced stage, the sources say. The headset, which could be announced to the public “within the next several months,” is expected to be capable of both augmented and virtual reality, and will likely allow users to be immersed in a virtual world as well as overlay virtual elements onto their real worlds. It is reportedly expected to be released late this year or in 2023.

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???? ENTERPRISE RECOMMENDS

???? ON THE TUBE TONIGHT-
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Murderville is a hilarious new mini-series that sees actors enter a fictional murder scene without a script: The six-episode Netflix series features Will Arnett — known for Arrested Development and Bojack Horseman — play the eccentric detective Terry Seattle. The show’s premise is simple: Every episode there’s a different crime and there are three suspects to investigate. However, each episode, Detective Seattle’s sidekick changes, bringing on an actor or actress who will need to help solve the case. These sidekicks are given no script and have to improv their own plot as they go and try to play along with the rest of the scripted characters. The guest stars were perfectly picked to lead to maximum hilarity, with Conan O’Brien, Marshawn Lynch, Kumail Nanjiani, Annie Murphy, Sharon Stone, and Ken Jeong each bringing their best to the show.

⚽ The last rounds of the English Premier League: It has been a long and hard season full of unexpected surprises, and we’re now reaching its last week with the champion still undetermined.

The heated competition is currently between Man City (90 points) and Liverpool (89 points). City is within a hair’s breadth of victory, needing to beat Aston Villa with any result to seize the second consecutive league and the fourth in the last five seasons. But in the case of a tie or defeat for City, Liverpool could have a chance to snag the title when they meet Wolverhampton, which would give it the second league title in the era of Jurgen Klopp.

Who else is qualifying for the Champions League? Chelsea practically secured third place, leaving the struggle for the last qualifying seat for the Champions League between Tottenham (68 points) and Arsenal (66 points), who are currently ranked fourth and fifth. Spurs go out to face Norwich (who have officially been relegated), while Arsenal meets Everton, who already secured their survival in the league last week. We remind you that the top four teams in the EPL qualify for the UEFA Champions League.

The last drop: After Watford and Norwich were relegated to the second division, the last relegation ticket is still between Burnley (35 points; goal difference -18) and Leeds United (35 points; goal difference -38). Burnley will play against Newcastle while Leeds faces Brentford to decide their fate.

Today’s matches are as follows, all starting at 5pm:

Manchester City x Aston Villa

Liverpool x Wolverhampton

Norwich x Tottenham

Arsenal x Everton

Brentford x Leeds

Burnley x Newcastle

Brighton x West Ham

Chelsea x Watford

Crystal Palace x Man United

Leicester x Southampton

The Italian League will be decided tonight: Milan leads the Serie A (83 points) and only need to draw against Sassuolo to win its first title in 11 years. Its arch-rival Inter are only two points behind and could snatch their second successive scudetto if it wins against Sampdoria and Milan lose. If both teams finish level, Milan will take the title due to having a better head-to-head record. Both matches start at 6pm.

The Spanish League title may be predetermined for Real Madrid, but the struggle for third place is still fierce. Atlético Madrid third (68 points) meets Real Sociedad, while its rival Seville (67 points) plays Athletic Bilbao, at 10pm. At the same time, the Barcelona match against Villarreal begins.

In the Egyptian Premier League: Al Ismaily meets the National Bank at 4pm, while Ceramica Cleopatra will face Misr El Makasa and Al Masry meets Future, with both matches at 6:30pm. Finally, Al Ittihad plays against Pyramids at 9pm.

????EAT THIS TONIGHT-

New Cairo’s Umami is inspired by the cuisines of the world: You can find anything from oriental breakfasts to delicious steak dishes at Garden 8’s newest addition. For breakfast they offer a myriad of flavorful plates such as the sausage and egg skillet, a heaping bowl of belila, or some homemade feteer. Their main dishes are equally diverse and we recommend the short ribs risotto, the mushroom ragu, or the chicken muhammara. Don’t miss out on their dessert offerings, especially their tiramisu and date cake.

???? OUT AND ABOUT-
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TAM Gallery is hosting its Summer Affordable Art Show at their venue at District 5 in New Cairo (located on Ain El Sokhna road). The art show features over 150 contemporary Egyptian artists and the gallery is divided into sections based on artist and price range. The exhibition will run until 28 June.

Fabrica will be presenting its adaptation of the musical The Lion King tomorrow at the Cairo Opera at 8pm. The performance will bring to life one of Disney’s best films, in our opinion, with the crew set to sing fan favorite songs such as Hakuna Matata, Can You Feel The Love Tonight, and Circle of Life, as well as Broadway Exclusives such as Shadowland and Endless Night.

???? UNDER THE LAMPLIGHT-

The lengths two New Yorkers went to in efforts to amass their fortune: Trust by Hernan Diaz follows the (fictional) story of Benjamin and Helen Rask, which dates back to the early 1900s, when the couple ruled the social scene. Benjamin is a Wall Street tycoon while Helen is the daughter of eccentric aristocrats, and together they created a life that many rumor is based on privilege and deceit. Diaz puts these competing narratives together to try to pick fact out of fiction and provide a realistic portrayal of their lives. However, that in no way means that their lives fall short of the gossip, with the novel dishing out juicy new revelations over the span of a century. The book is elegantly written and explores the reality-warping force of capital and the ease with which power can manipulate facts.

???? GO WITH THE FLOW

Which sectors are taking priority in the push towards localizing manufacturing to slash imports? The government signaled its focus on growing local manufacturing to limit Egypt’s imports. Since then, the Trade and Industry Ministry produced a list of sectors in which it is prioritizing domestic manufacturing to address local consumption needs, according to a report (pdf) based on a study of Egypt’s total imported goods and services between 2017 and 2019 to focus on the biggest drains on our import bill.

The sector selection methodology rests on three pillars: The products chosen add value to the local industry, whether through inputs, a fully-finished product, or both; the products contribute significantly to the trade deficit; and they have potential for growth locally.

Caveats: The report doesn’t specify a time frame for developing these sectors into local industries that become viable for import substitution, nor does it set expected investment values for these targets.

The targets of the strategy: Cutting imports and simultaneously boosting exports. During 2021, Egypt’s non-oil imports amounted to USD 76.8 bn while our non-oil exports fell short at USD 32.3, according to Trade Ministry figures. On the export side of the equation, Egypt is aiming to increase exports to USD 100 bn a year by 2025 as part of the government’s plan to increase the private sector’s role in the economy, Prime Minister Moustafa Madbouly said last week.

Out of >6.8k import categories, the ministry shortlisted 4.8k industrial categories that are viable for local manufacturing. These industrial categories cost us USD 60 bn in 2019 — or 85% of the year’s total import bill (USD 72 bn). Of those, 855 categories each cost USD 10 mn or more, representing 74% of the total amount of imports in 2019.

NOT PART OF THE STRATEGY: Agricultural and livestock products, fuel and petroleum products, handicrafts, and raw materials from natural resources not available locally.

The government is targeting nine industries to start: Wood and furniture, engineering, food and agriculture, chemicals, textiles, pharma and medical, printing and packaging, building materials, and metallurgical industries. These priority investment areas have a combined 141 product categories under their umbrella which together accounted for 23% of our 2019 import bill, or c.USD 17 bn.

THE BREAKDOWN

#1- The chemicals industry has the greatest number of investment areas specified, including pipes and hoses to a variety of chemical materials. Our chemicals imports cost USD 10.3 bn in 2021, but was also the heaviest contributor to exports at USD 6.8 bn. Within the sector, the government identified six complete products to manufacture (including epoxy, paints, and varnishes), 25 for components production (including polymers such as polycarbonates and polyethers as well as ink for printers), and three for both inputs and fully-finished products. Under the plan, the sector is slated for 14 greenfield and 18 brownfield areas of investment, while production of rubber transmission belts and tires will see both types of investments.

The focus on the chemicals industry could be a boon for the automotive industry, particularly as the government rolls out its automotive strategy, by producing critical inputs such as lithium batteries (critical for electric vehicle production) and rubber vehicle parts. The strategy aims to increase local assembly, grow the component manufacturing industry, up the sector’s competitiveness to become a regional manufacturing hub, and bolster export volumes. We’re expecting to hear more about the automotive strategy by the end of the month.

#2- The government is also eyeing growing the engineering sector — but much of it will be from scratch: With the second largest number of investment areas (21), the engineering sector is a big player in the import substitution plan. However, all investment areas will require greenfield investments, the report shows. Egypt aims to manufacture 10 complete products including mobiles, tablets, and broilers, along with 10 components (including door hinges and solar cell chips). The plan also eyes producing complete products and components for electric motors. In 2021, engineering imports accounted for the lion’s share of imports at USD 22 bn, compared to USD 3.4 bn of exports.

LOOKING AHEAD- Egypt could expand into manufacturing the less complex variety of semiconductors such as those that go into household appliances including fridges and microwaves, a source from the electronics industry that asked to be off the record told Enterprise. These foundries require less capital expenditure and technical expertise and Egypt could become a regional hub for their manufacturing, the source added.

#3- Similarly, the building materials and metallurgical sector needs greenfields to expand: From stainless steel to metal plates, the sector will see components manufactured for all six product categories, with greenfield investments required across the categories. Imports for the sector reached USD 11.4 bn in 2021, while exports stood at USD 6.6 bn, accounting for the second-largest contributor to both imports and exports during the year.

#4- Pharma and medical: The sector will also need new investments to begin manufacturing diagnostics equipment, raw materials for meds, and oncology meds. The delta between pharma and medical exports and imports was significant last year, with exports recording USD 692 mn compared to imports of USD 5.12 bn.

#5- In the food and agriculture sector, the government is targeting introducing facilities to increase agricultural products such as dates, dried fruits, and dried onions while expanding their production of medicinal and aromatic oils, as well as dairy products. Several of these products contribute to Egypt’s export revenues: Dates exports, for example, brought in EGP 52 mn in 2021, increasing 21% y-o-y.

#6-9- Packaging and printing will need new investments for all areas while the textile industry is the only sector that exclusively requires brownfields, with these two sectors contributing the most to Egypt’s 1Q2022 export revenues. Finally, wood manufacturing will see increased MDF and plywood production.

WATCH THIS SPACE- A new council headed by the trade ministry was formed last November and tasked with laying out steps to encourage investments in the specified sectors with input from investors and will also set up partnerships with the private sector. Several other ministries will also be included in the council discussions including the housing, planning, finance, transport, military production, and public enterprises ministries. The Federation of Egyptian industries has also set up a committee with the same aims that met for the first time last Monday to further discuss the import substitution strategy in light of the current global market conditions, head of the committee, Bassim Youssef, told Enterprise.

Your top industrial development stories for the week:

The Consumer Protection Agency is considering whether to raise the price cap on cars by 5-10% after distributors and dealers made an official request in light of rising operating costs.
Canal Sugar Company gets EGP 12.5 bn syndicated loan for sugar beet factory: Canal Sugar Company has secured loans worth EGP 12.5 bn from a consortium of 10 banks to help finance its USD 1 bn sugar beet processing facility in West Minya.
IT infrastructure contractor Benya Group to set up an investment arm in Saudi Arabia by the end of the year while longer term plans also see the company eyeing Africa growth through DR Congo.

???? CALENDAR

OUR CALENDAR NOW APPEARS in two sections:

Events with specific dates or months are right here up top
Events happening in a quarter or other range of time with no specific date / month appear at the bottom of the calendar.

MAY

13-22 May (Friday-Sunday): PSA World Championships, Cairo.

Mid-May: The trial period to extend the Advance Cargo Information (ACI) system to air freight.

22-26 May (Sunday-Thursday): Davos 2022.

23 May (Monday): Lynx Strategic Business Advisors are hosting a webinar titled “Introducing Egypt's New E-Receipt System.”

23-24 May (Monday-Tuesday): The International Conference on Alternative Financing Opportunities in Egypt … Towards Sustainable Financing for Development, Marriott Hotel, Zamalek.

25 May (Wednesday): The deadline for private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.

25-26 May: (Wednesday-Thursday): Fintech gathering FIN Expo Egypt is taking place at Intercontinental Citystars, Cairo, Egypt.

27 May-3 June (Friday-Friday): El Gouna International Squash Open 2022.

30-31 May (Monday-Tuesday): Egypt Can with Industry, Cairo, Egypt.

31 May (Tuesday): Last day for EGX-listed companies to file 1Q2022 earnings

31 May (Tuesday): The application deadline for ITIDA’s annual Export IT program.

31 May (Tuesday): Extended deadline for EGX-listed companies to disclose 1Q 2021 earnings.

May: Investment in Logistics Conference, Cairo, Egypt.

May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.

May: Egypt to sign contracts for second and third high-speed rail lines with Siemens by the end of the month.

May: Government to announce its automotive strategy by the end of the month.

JUNE

1-4 June (Wednesday-Saturday): The Islamic Development Bank will hold its 2022 annual meetings in Sharm El Sheikh.

5-7 June (Sunday-Tuesday): Africa Health ExCon, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.

5 June (Sunday): GB Auto is hosting an extraordinary general assembly meeting (pdf).

7 June (Tuesday): Technology conference Tech Invest 4 will take place at the Grand Nile Hotel in Cairo.

9 June (Thursday): European Central Bank monetary policy meeting.

14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15-18 June (Wednesday-Saturday): St. Petersburg International Economic Forum (SPIEF), St. Petersburg.

16 June (Thursday): End of 2021-2022 academic year for public schools.

21-22 June (Tuesday-Wednesday): Aswan Forum for Sustainable Peace and Development, Cairo.

23 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.

30 June (Thursday): June 30 Revolution Day, national holiday.

30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.

June: Egypt will launch a unified ticketing system for all means of transport at the Adly Mansour Interchange Station.

June: Polish President Andrzej Duda will visit Egypt to coordinate ways to ship Ukrainian wheat to Egypt amid the war in Ukraine.

JULY

July: A law governing ins. for seasonal contractors will come into effect.

July: Fuel pricing committee meets to decide quarterly fuel prices.

1 July (Friday): FY 2022-2023 begins.

1 July (Friday): Official rollout of e-receipt system begins.

8 July (Friday): Arafat Day.

9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.

21 July (Thursday): European Central Bank monetary policy meeting.

26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

AUGUST

August: Work to extend the capacity of the Egypt-Sudan electricity interconnection to 600 MW to be completed.

18 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

SEPTEMBER

September: Egypt will display its first naval exhibition with the title Naval Power.

September: Central Bank of Egypt’s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.

8 September (Thursday): European Central Bank monetary policy meeting.

18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors to register with the Egyptian Securities Federation.

20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

22 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

26–27 September (Monday-Tuesday): The Africa Women Innovation and Entrepreneurship Forum (AWIEF) at the Cairo Marriott Hotel.

OCTOBER

October: World Bank and IMF annual meetings in Washington, DC

October: Fuel pricing committee meets to decide quarterly fuel prices.

1 October (Saturday): Use of Nafeza becomes compulsory for air freight.

6 October (Thursday): Armed Forces Day, national holiday.

8 October (Saturday): Prophet Muhammad’s birthday, national holiday.

18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

27 October (Thursday): European Central Bank monetary policy meeting.

Late October – 14 November: 3Q2022 earnings season.

NOVEMBER

November: Cairo Water Week 2022.

1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

3 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

4-6 November: The Autotech auto exhibition kicks off at the Cairo International Exhibition and Convention Center.

7-18 November (Monday-Friday): Egypt will host COP 27 in Sharm El Sheikh.

21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15 December (Thursday): European Central Bank monetary policy meeting.

DECEMBER

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

JANUARY 2023

January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

EVENTS WITH NO SET DATE

1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1H2022: The government will respond to private companies’ bids to build desalination plants.

1H2022: Egypt’s second corporate green bond issuance expected to be announced.

14 March-30 June: The “Escape to Egypt” exhibition at the Coptic Museum, in celebration of its 112th anniversary.

2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.

End of 2Q2022: The Financial Regulatory Authority’s new Ins. Act should be approved.

End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.

End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.

2H2022: The inauguration of the Grand Egyptian Museum.

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H2022: The government will have vaccinated 70% of the population.

3Q2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

**Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.